Murrey Math Lines 03.08.2016 (EUR/USD, USD/JPY)

03.08.2016

Analysis for August 3rd, 2016

EUR USD, “Euro vs US Dollar”

Yesterday, Eurodollar reached the 4/8 level, and the Take Profit on my buy order opened earlier worked. So far, I’m staying out of the market because if the pair breaks the H4 Super Trend, it may continue falling towards the 3/8 level.

As we can see at the H1 chart, bulls faced resistance from 8/8 level. Consequently, the pair may start a new local correction towards the 6/8 level. If the price rebounds from this level, it may resume growing.

USD JPY, “US Dollar vs Japanese Yen”

At the H4 chart, the pair has rebounded from the 1/8 level, which means that the local correction may take place. The closest target for bulls is at the H4 Super Trend and the 2/8 level.

The lines at the H4 and H1 charts are completely the same, which makes the 1/8 level even more important. Earlier, the price rebounded from this level twice. If later bears are able to rebound from the 2/8 level, I’m planning to start opening short positions.

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